Global Orthopedic Implants Market: Overview
Orthopedic implants have been useful in restoring mobility, reducing pain, and treatment of fractures. Orthopedic implant is specially designed to address various musculoskeletal issues. The global orthopedic implants market is growing at a rapid pace due to factors such as increase in incidence rate of injuries and rise in government initiatives to address unmet medical needs across the world.
The global orthopedic implants market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on product, end-user, and region. A detailed qualitative analysis of drivers, restraints, and opportunities has been provided in the market overview section. Additionally, the section comprises competitive matrix and company profiles to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis by region and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global orthopedic implants market.
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Orthopedic Implants Market – Snapshot
Orthopedic implants are used to prevent and treat deformities and injuries of the musculoskeletal system. In terms of revenue, the global orthopedic implants market is projected to expand at a CAGR of 4.4% from 2018 to 2026. Developments in anesthesia techniques, rise in adoption of minimally invasive procedures, increase in incidence rate of injuries, surge in geriatric population, and rise in adoption of technologically advanced products to treat musculoskeletal disorders are likely to drive the global orthopedic implants market from 2018 to 2026.
The need for faster recovery, minimum pain, and cost effective treatments has increased demand for minimally invasive joint replacement surgeries across the globe. Moreover, favorable government initiatives to increase participation in sports leading to high incidence of injuries is projected to boost the growth of the global orthopedic implants market during the forecast period. According to available data, over 2 million patients visit the U.S. emergency departments for head trauma related injuries each year. However, incidence of product recalls due to device inefficiency or manufacturing errors affect the adoption rate of these implants among surgeons and patients. Moreover, stringent FDA regulations resulting in longer waiting period for product approval limits the entry of new players in the market. This is likely to restrain the global orthopedic implants market during the forecast period.
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North America to Account for Major Share of Global Orthopedic Implants Market
In terms of region, North America held major share of the global orthopedic implants market in 2017. High cost of technologically advanced surgical procedures and increase in prevalence of orthopedic diseases such as osteoarthritis among the geriatric population are anticipated to contribute to North America’s large market share. Moreover, favorable reimbursement for the treatment of different musculoskeletal disorders under Medicare policy boosts the growth of the market in the region. In 2014, Medicare paid for more than 400,000 hip and knee replacements, at a cost of US$ 7 Bn to taxpayers for hospitalization alone. In terms of revenue, the market in Europe and Asia Pacific is projected to grow at a rapid pace during the forecast period. Rise in prevalence of orthopedic disorders and awareness about the treatment, and focus of leading players to establish their presence in the emerging markets are anticipated to drive the market in these regions in the near future.
Key Players Operating in Global Orthopedic Implants Market
Key companies profiled in the global orthopedic implants market report include Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. These players are adopting organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and gain market share. For instance, in January 2016, NuVasive, Inc. acquired the U.S.-based Ellipse Technologies, Inc. This acquisition helped NuVasive, Inc. provide Ellipse Technologies, Inc.’s novel technology of magnetic adjustable implant systems to its customers.
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